EOS is on the rise after performing a strong rally during the last trading day of September A triangle breakout on the four-hour time frame shows that the cryptocurrency could recovery back towards the $3.60 level The daily frame continues to show an extremely large head and shoulders pattern The rise follows news that EOS’ creator appears to have escaped serious punishment for its ICO.  Block.One agreed to pay $24 million for its year-long token sale, which raised more than $4 billion.

EOS is holding onto its recent trading gains on the first trading day of October, with the seventh-largest cryptocurrency holding firm above the $3.00 level. The EOS / USD pair needs to rally above the $3.30 level to recover trading losses incurred during the month of September.

Following a bullish breakout from a triangle pattern on the four-hour time frame, the EOS / USD pair has managed to perform a double-digit rally. The overall upside projection of the bullish breakout suggests that recent rally could extend towards the $3.30 level.

Going forward, the cryptocurrency faces a series of technical challenges to reclaim its short and medium-term bullish status. The EOS / USD pair’s 200-period moving average is located around the $3.60 level, while its 200-day moving average is located around the $4.80 level.

Furthermore, the EOS / USD pair needs to move negate a huge head and shoulders pattern on the daily time frame, which is threatening a possible decline to the $1.54 level.

The cryptocurrency would need to rally above the $8.80 level just to invalidate the bearish pattern, which means that EOS would need to gain over one-hundred and fifty percent to achieve this goal from current trading levels.

Technical indicators suggest that EOS / USD still has scope to recover higher, although the $3.30 to $3.60 technical region presents a formidable technical challenge to bulls in the short-term.

Overall, unless a significant fundamental catalyst emerges for the EOS / USD, the cryptocurrency’s destiny is likely to be closely correlated to the direction of the broader cryptocurrency market.

According to the latest sentiment data from TheTIE.io, the short-term sentiment towards EOS is neutral, at 54.00 %, while the overall long-term sentiment towards the cryptocurrency is neutral, at 67.50%.

The four-hour time frame highlights that the recent triangle breakout could extend towards the $3.30 level, which is the September 1st opening price. The 200-period moving average on the four-hour time frame is also a possible upside target and is located around the $3.60 level.

The daily time frame shows that the EOS / USD pair’s 50-day moving average is located around the $3.48 level, while the 200-day moving average is located somewhat higher, at the $4.80 level. 

The downside is likely to open up for the EOS / USD pair if price starts to trade below the $2.90 support level. A bearish triangle breakout will occur if the EOS / USD pair falls below the $2.70 level.

The September 2019 trading low, around the $2.45 level, is the key downside level to watch, while the $1.54 level remains the overall medium-term bearish target. 

EOS is staging a powerful recovery above the $3.00 level, with bulls needing to move price above the $3.60 level to reclaim the cryptocurrency’s short-term bullish status.

The daily time frame suggests that failure to overcome the $3.60 level could provoke a strong bearish reversal, with the $1.54 level the overall bearish objective.                          

For a quick check up of the basics of EOS, we published a coin guide.

The post EOS Price Analysis EOS / USD: Ascending The Summit appeared first on Crypto Briefing.

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